Volati AB Beneish M-Score Historical Data
The historical data trend for Volati AB's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Volati AB Beneish M-Score Chart
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Volati AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.94 |
-2.16 |
-2.27 |
-2.39 |
-2.75 |
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Volati AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.63 |
-2.65 |
-2.72 |
-2.75 |
-2.53 |
Competitive Comparison of Volati AB's Beneish M-Score
For the Conglomerates subindustry, Volati AB's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Volati AB's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Volati AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Volati AB's Beneish M-Score falls into.
Volati AB Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Volati AB for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.1191 | + | 0.528 * 0.9739 | + | 0.404 * 1.0293 | + | 0.892 * 0.9596 | + | 0.115 * 1.0085 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.261 | + | 4.679 * -0.050369 | - | 0.327 * 1.0284 |
| = | -2.53 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was kr1,555 Mil.
Revenue was 1747 + 1809 + 1847 + 2251 = kr7,654 Mil.
Gross Profit was 696 + 732 + 696 + 841 = kr2,965 Mil.
Total Current Assets was kr3,227 Mil.
Total Assets was kr7,326 Mil.
Property, Plant and Equipment(Net PPE) was kr1,063 Mil.
Depreciation, Depletion and Amortization(DDA) was kr370 Mil.
Selling, General, & Admin. Expense(SGA) was kr131 Mil.
Total Current Liabilities was kr1,797 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,636 Mil.
Net Income was 18 + 38 + 98 + 149 = kr303 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -20 + 306 + 233 + 153 = kr672 Mil.
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Total Receivables was kr1,448 Mil.
Revenue was 1890 + 1929 + 1977 + 2180 = kr7,976 Mil.
Gross Profit was 738 + 756 + 722 + 793 = kr3,009 Mil.
Total Current Assets was kr3,033 Mil.
Total Assets was kr6,684 Mil.
Property, Plant and Equipment(Net PPE) was kr960 Mil.
Depreciation, Depletion and Amortization(DDA) was kr338 Mil.
Selling, General, & Admin. Expense(SGA) was kr523 Mil.
Total Current Liabilities was kr3,493 Mil.
Long-Term Debt & Capital Lease Obligation was kr440 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1555 / 7654) | / | (1448 / 7976) |
| = | 0.203162 | / | 0.181545 |
| | = | 1.1191 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (3009 / 7976) | / | (2965 / 7654) |
| = | 0.377257 | / | 0.387379 |
| | = | 0.9739 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (3227 + 1063) / 7326) | / | (1 - (3033 + 960) / 6684) |
| = | 0.414414 | / | 0.402603 |
| | = | 1.0293 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 7654 | / | 7976 |
| | = | 0.9596 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (338 / (338 + 960)) | / | (370 / (370 + 1063)) |
| = | 0.260401 | / | 0.2582 |
| | = | 1.0085 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (131 / 7654) | / | (523 / 7976) |
| = | 0.017115 | / | 0.065572 |
| | = | 0.261 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((2636 + 1797) / 7326) | / | ((440 + 3493) / 6684) |
| = | 0.605105 | / | 0.58842 |
| | = | 1.0284 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (303 - 0 | - | 672) | / | 7326 |
| | = | -0.050369 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Volati AB has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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